AUD/USD 4H Chart: Double Bottom

Source: Dukascopy Bank SA
© Dukascopy Bank SA
After nearing the 0.95 level at the middle of July the pair gave up and plummeted towards 0.92 level, setting a low at 0.9239. With the recent fluctuation the Double Bottom pattern has formed and at the moment the pair is trading close to the neck-line at 0.9346. In the base scenario the neck-line should be breached to the upside, as the Double Bottom is a reversal pattern. The weekly technical studies are also pointing to the north, strengthening the bullish expectations. And with the strong bullish sentiment (65.74% long positions) the pair is likely to advance above the 200-period SMA and weekly R1 at 0.9337/49.
© Dukascopy Bank SA
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